Despite being down 80 percent from its all-time high, a fairly large number of investors are still cautious and shorting bitcoin in a low price range.
Bitcoin shorts achieved a 3-week high earlier this week, demonstrating a lack of confidence of investors in the cryptocurrency market in the near-term performance of bitcoin.
1-Month Price Chart of Bitcoin (Source: Coinmarketcap.com)
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But, according to a trader known to the cryptocurrency industry as “Galaxy,” bitcoin at $3,000 may be a rare opportunity that does not come again in the future.
Why $3,000 For Bitcoin is Rare
According to Galaxy, since its inception, bitcoin has established a trend of reaching a new all-time high, enduring a steep decline in price, initiating an accumulation, and recovering to a new high.
Based on that trend, the trader said that investors will likely never see Bitcoin at $3,000 once again after April and the dominant cryptocurrency is en route to recovering in 1 to 2 months.